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    题名: Long-Run Stock Performance and Its Determinants for Asset Buyers
    作者: 陳聖賢
    Chen, Sheng-Syan
    Liu, Yong-Chin
    Chen, I-Ju
    贡献者: 財管系
    关键词: fit hypothesis;free cash flow;earnings management;corporate governance;antitakeover provisions
    日期: 2014-07
    上传时间: 2018-06-15 12:08:23 (UTC+8)
    摘要: This paper examines the long-term stock performance of asset purchasers and the determinants of cross-sectional differences in performance. Our findings show that buyers’stocks, on average, underperform following purchases. Buy-and-hold abnormal returns of buyers acquiring related assets are significantly higher than those acquiring unrelated assets, consistent with the focus hypothesis. Asset buyers with superior prior stock performance experience poorer long-run performance than buyers with inferior prior stock performance, consistent with the prior performance hypothesis. Asset buyers that manage earnings upward, experience poorer long-term abnormal stock performance than acquirers with downward earnings management, consistent with the earnings management hypothesis. The long-term return evidence is to some degree consistent with the governance hypothesis but we find little support for the free cash flow hypothesis.
    關聯: Journal of Business Finance and Accounting, Vol.41, No.5&6, pp.685-716
    数据类型: article
    DOI 連結: https://doi.org/10.1111/jbfa.12065
    DOI: 10.1111/jbfa.12065
    显示于类别:[財務管理學系] 期刊論文

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